El Al Israel Airlines presented the financial reports for the 2011 financial year and for the fourth quarter of 2011. Revenues for the year totaled $2,043.2m compared to $1,972.2m last year, an increase of about 4%. Revenues from cargo operations increased by about 8%, as a result of the increased freight carried and the revenue per ton-kilometer. Operating expenses in 2011 totaled $1,764.9m, compared to $1,584.6m last year, an increase of about 11%. Gross profits for this year totaled $278.3m (a ratio of about 13.6% on turnover), compared to $387.7m last year (a ratio of about 19.7% on turnover). Net loss for 2011 totaled $49.4m, compared to profits of about $57m in 2010. Cash flow from regular activities for the year ending 31st December 2011 totaled $61.9m, compared to a cash flow from regular activities of $203.3m in 2010.
Revenues for the 4th quarter of 2011 totaled $485.4m, an increase of about 1%, compared to the 4th quarter of last year. Net revenues from passengers increased by about 1.5%, while cargo revenues dropped because as of June 2011, only one cargo aircraft was in operation. Operating expenses totaled $402.4m (a ratio of about 82.9% on turnover) compared to $393.8m in the parallel quarter of 2010 (a ratio of about 81.9% on turnover) – an increase of about 2.2%. This was largely the result of increased expenditure on aviation fuel, because of the increase in market prices compared to in the parallel period last year. Gross profits totaled $83.0m, (a ratio of about 17.1% on turnover), compared to $87.2m in the parallel quarter last year (a ratio of 18.1% on turnover). Losses for the quarter totaled $7.8m, compared to profits of $16.3m in the parallel quarter last year.
